Brazilian leader in digital wallets, PicPay reaches the mark of 2 million cards

PicPay Card also started to be offered to the 38 million users of the platform

PicPay IPO
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  • PicPay Card also started to be offered to the 38 million users of the platform;
  • With the card, the user has access to others services and products, like cell phone recharge.

PicPay, the fintech leader in digital wallets in Brazil, reached the mark of 2 million credit cards issued now in January, doubling the number of cards issued until November 2020, when the company surpassed the first million cards. Besides that, PicPay Card, previously available as a pilot model, started to be offered to the entire customer base of the platform, a total of 38 million users.

PicPay’s Credit and Cards Director, Frederico Trevisan, explains that the expansion of the customer base with access to the PicPay Card is part of a strategy to attract the customer to the other services and products offered by fintech, since with the card the user also has access to services such as cell phone recharge, installments of boletos (a type of cash voucher or bank slip that Brazilians use to pay bills and purchases) and even application in a cashflow driven investment (CDI).

READ ALSO: The rise of digital wallets in Brazil

Available since May 2020, the PicPay Card allows the digital wallet’s user to pay commercial establishments that don’t offer the PicPay QR Code by using the physical card. The card does not have an annual fee and offers cashback of up to 5% of the amount spent on purchases made by scanning PicPay’s QR Code.

On Wednesday, Brazil Journal announced that Eduardo Chedid, CEO at Elo, would leave the card acquirer company to take over the vice presidency of PicPay, in yet another step of the fintech towards an IPO, sources familiar with the matter told the newspaper.

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